PM Narendra Modi declared that from midnight currency of Rs 1000 and 500 denomination won’t be medium of exchange. People will deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016.
In his 40-minute address, 1st in Hindi and later in English, the Prime Minister said the notes of Rs five hundred and Rs 1000 “will not be legal tender from midnight tonight” and these are going to be “just valueless piece of paper.”
However, he said that every one notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will still be valid. “So You have 50 days (From ten November to thirty Dec) to deposit notes of Rs 500 and Rs 1000 in any Bank or Post office,” PM Modi told the state in a televised address to the nation. He conjointly announced that new notes of Rs 2000 and Rs 500 will be introduced.
Hence ATM withdrawals are restricted to Rs 2000 per day and withdrawals from bank accounts are limited to Rs 10,000 each day and Rs 20,000 a week. Banks will stay closed tomorrow and ATMs also will not perform tomorrow, Modi said.
He expressed confidence that the employees of banks and post offices can rise to the occasion to introduce the new order within the available time. He additionally expressed confidence that political parties, workers, social organisations and the media can go furtherthan the government in making it successful.
Besides depositing cash in bank accounts, the Rs 500 and Rs 1000 notes may also exchanged with lower denomination currency notes at selected banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24 with a daily limit of Rs 4000. Those unable to deposit Rs 1000 and Rs 500 notes until Dec 30 this year can do so in selected rbi offices till March 31 next year once filling a declaration form along with proof and reasons, the Prime Minister said.
Rs 500 and Rs 1000 notes are going to be valid for transactions associated with booking of air tickets, railway bookings, government bus ticket counters and hospitals till the midnight of November 11 and 12.
1. Currency notes of Rs 500 and Rs 1000 denominations won’t be legal beginning November 9
2. New notes of Rs 500 and Rs 2,000 would be discharged and circulated from November 10
3. ATMs won’t work on Nov 9, and at some places on Nov 10 as well
4. people can deposit notes of Rs 1000 and Rs 500 in their banks from Nov 10 till December 30, 2016
5. Those unable to deposit Rs 1000, Rs 500 notes by December thirty for some reason, will change them till March 31, 2017 by furnishing ID proof
6.Hence currency notes of Rs 1000 and Rs 500 are going to be just paper with no value
7. Banks will stay closed on 9th November
8. All banks and post offices will stay shut tomorrow
9. Cashless fund transfer will not affected by this
10. Respite for people for the initial 72 hours, Govt hospitals can accept old Rs 500 and 1000 notes until 11 november midnight
11. Some medical facilities will exempted from this for the time being
12. Rs 20,000 weekly cap on exchange of Rs 500 & Rs 1,000 notes.
Here’s what you wish to try to with your 500 and 1000 rupee notes:
- Deposit them at the bank or post office from November 10 to Dec 30.
- Exchange them from a bank or post office till 24 November. The limit for exchange is Rs. 4000.
- Take Aadhaar card and PAN Card when you go to exchange notes.
- So after Dec 30, these can be deposited at the reserve bank with a declaration.
- Tourists will change the notes at airports.